Are we talking about all instances including the ones that are upcoming? I think cooldowns on lower level or rather older instances could be removed but afaik Glast heim challenge mode will have a 3 day lockout, and if that get's removed the market will be flooded with the new stuff so fast because if you are ubergeared. Also I think this would made new content cleared way faster than it already is and gives people less to do. And for me personally, having some stuff to do on a daily basis gives me a reason to play. If I can farm everything in two weeks I don't have anything to do until the next update hits. Reducing cooldown as a catchup mechanic seems fine for newer players/alts, but for "current content" it should be locked I think. And maybe I am wrong, but people who have a bunch of toons are usually the minority.
If cooldown should be removed please make the rewards for it account or character bound. So people have their own feeling of progressing their alt instead of farming HTF all day and just buy everything.
